EURJPY Classic Technical Report 08.13.2012
Prices declined after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from the March 21 swing high, with sellers now testing rising channel support at 95.89. A break below that exposes 94.91 and 94.10. Trend line resistance is now at 97.12, with a break above that targeting the channel top at 98.17.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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